Indices trim half of today’s gains; IT sector sees back-to-back advances
The BSE Sensex surged 0.38 per cent reaching a level of 79,402. The Nifty 50 index climbed 0.41 per cent to the 24,243 level.
Market Update at 11:15 AM: Benchmark indices experienced some profit-taking, which led to a reduction in today's earlier gains. At 11:15 am, the BSE Sensex surged 0.38 per cent reaching a level of 79,402. The Nifty 50 index climbed 0.41 per cent to the 24,243 level.
On the other hand, broader markets managed to maintain today’s strong uptrend. Considering sectoral developments, Nifty Realty, Nifty IT and Nifty Media were among the Top Gainers, while Nifty Pharma was the only loser.
Within the Nifty 50, Wipro, LTI Mindtree and Tata Consultancy Services were among the leading gainers, whereas HDFC Life Insurance, SBI Life Insurance and Hero Motocorp were among the market draggers. Schaeffler India Ltd, TBO Tek Ltd and Rhi Magnesita India Ltd experienced a significant spurt in trading volumes.
With 1,690 shares rising on the NSE and 849 shares declining, the advance-decline ratio strongly remained in favour of advances.
Market Update at 9:35 AM: Following the positive signal from GIFT Nifty, domestic indices kicked off today’s trading session with a strong performance, highlighting renewed investor optimism despite ongoing global market uncertainties.
At 9:35 am, the BSE Sensex soared 1.07 per cent reaching a level of 79,954. The Nifty 50 index climbed 1.02 per cent to the 24,390 level. Within the Nifty 50, Mahindra & Mahindra, Tata Motors and Hindalco Industries were among the leading gainers, whereas HDFC Life Insurance Company was the only loser today.
Broader indices also posted gains in line with the main indices, reflecting a widespread upward trend across the market. With 1,746 shares rising on the NSE and 514 shares declining, the advance-decline ratio strongly remained in favour of advances.
In terms of sectoral performance, all indices were trading higher, with Nifty Realty, Nifty IT, and Nifty Media showing the most significant gains.
Pre-Market Update at 8:00 AM: The U.S. markets experienced a robust rally overnight, driven by stronger-than-expected retail sales in July. This development could ease concerns in the financial markets about a potential sharp economic slowdown, which had been heightened by a recent rise in the unemployment rate.
The Nasdaq Composite Index soared 2.34 per cent, the S&P 500 surged 1.61 per cent, and the Dow Jones Industrial Average gained by 1.39 per cent. The U.S. dollar also strengthened on the back of robust economic data.
All major Asian market indices were trading significantly higher today, with Japanese stocks leading the gains after last week's sharp decline. GIFT Nifty, trading around 200 points above the previous close, indicates a strong opening for domestic indices in today's session.
Oil prices rose by over USD 1 a barrel as U.S. economic data eased recession fears in the world’s largest economy. However, the rally was tempered by ongoing concerns about slower global demand.
On August 14, foreign institutional investors (FIIs) sold shares worth Rs 2,595.27 crore, while domestic institutional investors (DIIs) made a sizeable inflow of Rs 2,236.21 crore.